Wu Xiaoqiu: The development of high-tech enterprises centered around AI driving industrial upgrading and iteration is an inevitable trend.

Special Topic: Boao Sina Finance Night 2026

The “Boao Sina Finance Night 2026” event was held on March 25 in Boao, with the theme “Intelligent Competition for the Future: Industrial Revolution and New Global Rules in the AI Era.” Wu Xiaoqiu, former Vice President of Renmin University of China, Director of the National Financial Research Institute, and a nationally recognized top professor, attended and delivered a speech.

Wu Xiaoqiu pointed out that it is generally believed that the first year of the Fourth Industrial Revolution was 2010, when human society began entering the era of intelligence. The Fourth Industrial Revolution is a culmination of the previous three, with significance comparable to the First Industrial Revolution. It is not just about replacing labor but also includes intelligent innovation and substitution. It will think intelligently like humans and at a very fast speed, eventually entering the scientific research stage.

He discussed four specific aspects.

First, the changes are enormous. Wu Xiaoqiu said that with the advent of industrial and technological revolutions, people often feel confused and anxious, fearing replacement. Just over 200 years ago, after the steam engine appeared in British society, there was high alert, fearing it would disrupt the king’s lifestyle, employment, and economic growth models. For a period, people were afraid and tried to regulate with rules and laws, but later realized that this severely hindered social progress and economic development. “Our understanding of AI should learn from the lessons of over 200 years ago and view its impact on human society with a deep and long-term perspective.”

Second, the current competition between nations centers on information technology or AI artificial intelligence. He believes that in the competition between countries, AI will become extremely important, and its changes must be fully recognized.

Third, the development of high-tech enterprises centered on AI drives the upgrading and iteration of industries, including China, which is an inevitable trend. Wu Xiaoqiu stated that an industrial structure led by high-tech and innovative enterprises brings about a series of changes, challenges to rules, and significant shifts in operational logic and fundamentals.

He mentioned that in recent years, some phenomena have appeared in China: GDP growth at 5%, but tax revenue growth and workers’ income have not increased at the same rate. The transformation of industrial structure has brought changes to distribution rules, and tax revenue is lower than economic growth. “This reminds us that the proportion of national income distribution and policies may need to change, and it indicates that the government’s functions will undergo important transformations in the future. These issues require deep reflection.”

Fourth, with the development of high-tech enterprises centered on AI, especially combined with capital markets, the concentration of social wealth is accelerating. Wu Xiaoqiu pointed out that in China, many billionaires have appeared within just a few months, at an extremely fast pace. On one hand, we cannot constrain change; policy-making should incentivize pioneers and innovators in society. Their wealth growth is part of motivation, and we should not restrict it due to wealth concentration trends. At the same time, social wealth gaps should not be too large, indicating that the government’s role in redistribution and transfer payments needs to be strengthened. Government revenue may be more used for this purpose rather than investment, which aligns with China’s recent emphasis on investing in people.

“AI is bringing profound changes to human society. We must deeply consider the challenges after these changes and find ways and ideas to respond,” Wu Xiaoqiu said.

Sina Statement: All conference transcripts are compiled from on-site notes and have not been reviewed by the speakers. Sina.com publishes this article to disseminate more information and does not imply endorsement of its views or verification of its descriptions.

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Editor: Wang Xiang